Green Power Market Growth Accelerating at a Rapid Pace due to Innovative Strategies
The green power market was valued at $41.1 billion in 2019 and is anticipated to generate $103.5 billion by 2027. The market is projected to experience growth at a CAGR of 12.3% from 2020 to 2027.
Presence of countries, such as China and India, are the major factor that boosts the Asia-Pacific green power market, owing to rise in investment in green power projects. There is significant increase in energy demand due to rapid industrialization and rise in population in countries such as China and India. The buildings and industrial sectors are expected to consume more energy during the forecast period in Asia-Pacific. Furthermore, India has significant growth potential; however, due to its inconsistent policy and business environment the in past, the green power share in the total energy production was less. The shift in trend toward the use of localized energy procurements has been witnessed in recent years. Various government bodies in countries, such as India, have taken the advantage of community choice aggregation (CCA) policies, which permit governments to procure green power resources on behalf of their constituents while retaining their existing electricity providers for transmission and distribution services. However, high cost involved to set up the base for green power restrains the market growth.
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The global green power industry is segmented into power source, end-use sector, and region. Based on power source, the market is divided into wind, solar, low impact hydro, biomass, and others. The wind segment dominated the market in 2019 while the solar segment is expected to grow at a higher CAGR during the forecast period. Based on the end-use sector, the market is categorized into transport, industrial, non-combustible, buildings, and others. The buildings sector dominated the market in 2019; however, the transport sector is expected to grow at faster pace during the forecast period. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe dominated the market in 2019 while Asia-Pacific is expected to grow at a higher CAGR, owing to increased government and private investments in the green power market.
The key players operating in the green power market are Adani Green Energy Limited, GE Renewable Energy, Green Energy Corp., Iberdrola SA, JinkoSolar Holding Co. Ltd., NextEra Energy, Inc., Orsted A/S, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, and Tata Power. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.